Claiming the Tax Deduction for Superannuation at EOY
If a business wants to claim the tax deduction in the 2021 year for Superannuation The ATO SBSCH cut-off date will be 23rd of June.
This topic every year causes stress for members because they think they have to pay super by end of June.
The cut-off for the June quarter is the 28th of July (as per the month after for every quarter) and will still be deductible in the following financial year as long as it's paid before the due date.
The date hasn’t changed and the ATO gives employers plenty of time. If a business wants to include in this year and if that is the case then it needs to hit the funds by 30th June.
This is a business decision not a requirement and needs to be discussed with the business owner as it can have flow on effect for super contribution caps for employees plus cash flow concerns for the business.